Shares digital

Even the hedge funds have struggled to keep track of the recent bout of volatility in global financial markets. Index compiler Hedge Fund Research (HFR) recorded across-the-board losses from the industry during January. But Man Group (EMG) and Ashmore (ASHM) bucked the trend.

The key Man AHL Diversified Futures fund reported a 5.1% gain in its net asset value value (NAV) over January – this despite a general retreat from quantitative black-box funds, as illustrated by a 5.9% decline in HFR’s HFRI EH: Quantitative Directional index over January.

Samir Shah from Landsbanki, hints at upgrades: ‘While we leave net performance fees unchanged at £600 million, we note that the NAV for one of the group’s largest funds, AHL Diversified Futures is at its all-time high.’ He adds emerging markets debt specialist Ashmore also performed well.

Shah says some of Ashmore’s key global macro funds have held their ground despite a 2% January fall in HFR’s broad HFRX Global Hedge Fund index.

Shares says: Higher fees will offset rising redemptions at Man while Ashmore is likely to continue attracting new assets. Both buys but Ashmore trading opportunity too ahead of finals on Tuesday (26 February).

by: Simon Keane